Australia Market closes lower

The Australian share market finished session marginally lower on Friday, 01 April 2022, as profit taking continued on tracking weak US performance overnight and concerns about the continuing conflict in Ukraine. However, losses were minimal after data showed that manufacturing sector in Australia continued to expand in March at a faster rate.

At closing bell, the benchmark S&P/ASX200 dropped by 5.79 points, or 0.08%, to 7,493.80. The broader All Ordinaries index fell 3.68 points, or 0.05%, to 7,785.89.

Whitehaven Coal (WHC) has finished 0.5% higher after it released a buy-back update. The company said that its on market share buy-back of up to 10% of shares is progressing well.

Shares of online property marketplace Domain Holdings (DHG) were in a trading halt ahead of a A$180m raise. This comes after DHG's acquisition of Realbase, a real estate technology platform, for a cash consideration of A$180m - the amount of the equity raise - plus a contingent consideration.

Shares in Cann Group soared almost 9% after the cannabis producer gained regulatory approval in the UK, with Satipharm being approved to sell products in the UK.

Melbourne biotech Starpharma advanced 5.5% after it got approval from the British medicines regulator to put back its Viraleze COVID nasal spray back on shelves in the UK. The product was pulled off the shelves from British pharmacy operator Lloyds last July.

ECONOMIC NEWS: Australia Manufacturing PMI Expands To 57.7 In March - Australia manufacturing sector continued to expand in March with a manufacturing PMI score of 57.7, the latest survey from S&P Global showed on Friday. That's up from 57.0 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

CURRENCY NEWS: The Australian dollar changed hands at $0.7503, off levels around $0.747 seen yesterday

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